NEW YORK TRA, the New York-based set-top box research firm, said today it raised $13.5 million from a group of investors led by ratings company Arbitron, which contributed $3.4 million. The companies declined to say exactly how much an equity stake in the company Arbitron's investment was worth.
Other investors in the group included WPP Group, the London-based agency holding company, Kodiak Venture Partners and several undisclosed "angel" investors. Both WPP and Kodiak also invested in an earlier round of funding for TRA.
TRA said it would use the capital to expand its sales team and to enhance its data reporting technology. The company culls TV viewing data from set-top boxes and matches it with purchase data from shopper loyalty cards. Clients use the data to run detailed audience measurement, media planning and ROI reports.
Commenting on Arbitron's investment in a statement company president and CEO Michael Skarzynski said, "TRA offers a critical, bottom-line solution to advertisers for greater accountability of their advertising spend. We're excited about the TRA solution, which promises to bring much-needed transparency to advertisers, agencies and media companies in a time that requires ROI insights."
"TRA is thrilled with our ability to attract an industry leader, Arbitron, as an investor and board member," said Mark Lieberman, co-founder, chairman and CEO of TRA. "TRA is dedicated to the mission of seeking to provide true return-on-investment insights to the television industry for a higher degree of accountability."